EDB Plans to Invest $3.8 Billion in Kazakhstan

Eurasian Development Bank (EDB) is going to invest $3.8 billion in Kazakhstan towards 2026, announced Nikolay Podguzov, CEO of the bank who has had a meeting with President of Kazakhstan Kassym-Jomart Tokayev.

According to EDB experts’ estimates, Kazakhstan’s economy is expected to show the highest growth among all Eurasian Economic Union member states.

The bank executives told President Tokayev the main aspects of its strategy for 2022-2026. Specifically, Podguzov revealed plans to realize several big projects to boost the social and economic development of the country as well as its EEU partners.

For example, EDB is going to participate in logistical projects such as transport corridors «North-South» and «Europe-West China». Strategically, Eurasian Development Bank is aimed at facilitating Central Asia in the creation of an integrated transportation network and renovating water and energy supply systems.

«EDB is going to invest about $1.2 billion in these projects. However, over the period ending in 2026, the bank will invest $3.8 billion in Kazakhstan in total,» the bank reported.

Recently, EDB has provided the Food Contract Corporation of Kazakhstan with a $45 million credit line. This money is going to be spent on purchasing agricultural products from local farmers. The first tranche of $24 million has already been transferred to the client.